OMV Invests €400 Million in Lower Austria

Austria-based OMV decided to invest EUR 400 mn in the Weinviertel region, which is the third most important production site in the company’s global portfolio after the exploration and production areas in Romania and Norway. 

“Anyone striving for international growth needs to have a strong foundation. For us this foundation is Lower Austria. This investment in exploration and production underlines the importance of this region in the OMV portfolio," OMV CEO Gerhard Roiss commented in a note released on Tuesday.

According to the company, the investment will secure more than 13,000 jobs in the province, stabilizing production of oil and gas with more than 40 drillings. The press release reported that investment in Lower Austria is set to rise to around EUR 400 mn in the next two years. 

"We took the decision on these investments in Lower Austria last year. Resources are needed in order to counter the natural depletion and stabilize production in what are mostly mature fields. Without these investments it wouldn’t be possible for us to maintain production levels," said OMV CEO Gerhard Roiss.